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被董明珠狙击10年,宁波家电大王终圆上市梦 | 国潮风云
Sou Hu Cai Jing·2025-09-02 15:31

Core Viewpoint - The recent IPO of Aux Electric marks a significant milestone for the company, which has faced intense competition and legal battles with Gree and other industry giants. The success of the IPO and the strategic allocation of raised funds will be crucial for Aux to navigate its challenges and improve its market position [2][24]. Financial Performance - Aux Electric issued 238 million shares at a price of HKD 17.42 per share, raising HKD 4.15 billion, with a subscription rate of 557.2 times. The opening price was HKD 16.10, and it reached HKD 16.64, giving it a market capitalization of HKD 26.43 billion [2]. - Projected revenues from 2022 to Q1 2025 are expected to grow from CNY 19.53 billion to CNY 29.76 billion, with net profits increasing from CNY 1.44 billion to CNY 0.93 billion. However, average selling prices and gross margins are declining [2][21]. Market Position and Strategy - Aux is known as the "price butcher" due to its aggressive low-price strategy, which has allowed it to capture significant market share, particularly in the e-commerce boom. It became the third-largest air conditioner brand in China [2][11]. - The company has focused on the lower-tier markets and has successfully transitioned to online sales, with online revenue growing from less than CNY 500 million in 2011 to several hundred billion by 2019, achieving a compound annual growth rate of 90% [9][10]. Competitive Landscape - Aux faces fierce competition from established brands like Gree, Midea, and Haier, which have improved their online and cost-performance strategies. Xiaomi has also emerged as a significant competitor, leveraging its ecosystem and brand loyalty [11][18]. - The ongoing legal battles with Gree have drained resources and distracted Aux from focusing on strategic growth [19][12]. Challenges and Future Outlook - Aux's reliance on low pricing has led to declining average selling prices and profit margins, which are significantly lower than Gree's. This has limited its ability to invest in R&D and brand development [21][22]. - The company has attempted to expand globally, shifting from OEM to ODM models, but this has resulted in lower profit margins compared to competitors who focus on OBM strategies [22][24]. - The market for air conditioners remains competitive, with Aux's market share at 7.3% as of 2024, while it still holds a leading position in the lower-tier market with a 25.7% share [21][25].